| 1.The Initiation of the Question and Studying StatusThe Assets Securitization means gathering the assets, which lack liquidity but have cash inflows in the future and change them into securities, which can be sold and resold on the finance markets, through the reconstruction.Nowadays, the Chinese economy becomes more and more internationally, China have become a member of WTO. How to finance becomingly for the national economy through the Assets Securitization is a task waits us to cope with.At present, enormous investment potentiality of resident and institutional investor, investment channel deficient contradiction and settlement state-run commercial bank huge pressure of non-performing loan in our country, call a kind of new financing way strongly, so domestic business circles, financial circle, law circle invest sight in the Assets Securitization.The foreign scholars have researched the projected for many years and formed an integrated system, but they have not experience to cope with the risk in different economics background. The Chinese researchers have study on the operate mechanism, structure and profit, but have not find a good Pricing model.2.Structure and Major Argumentation in the Paper There are four parts in the paper discussing the following subjects separately. Summary of the Assets Securitization, the development and meaning of the Assets Securitization, study on pricing model of the Assets Securitization and analysis of influence factor of Assets Securitization1．Summary of the Assets SecuritizationAt the beginning of this part, the author described the concept of ABS and its development history first.The exchange structure of the Assets Securitization contents Original Interest Owners, Special Purpose Vehicle, and the Investors. The exchange can go on wheels with help of assistant organizations such as the service providers, the assignees, the credit judge organizations, the insurance organizations and the investment banks ect.The characteristics of the ABS have: 1.It is a kind of assets financing; 2. It is a kind of financing outside the form; 3.It is a kind of structural financing; 4.It is a financing ways of low cost.2.The development and meaning of the Assets SecuritizatioThe development of ABS is suitable fast in the world; it has quite important meaning to our country.The development trend of the ABS content: 1. The proportion of international securities in international investment is raised by a large margin; 2.Bond financing becomes main means of securitization financing; 3.The scale of ABS is increased rapidly.There are the Meanings of ABS in our country: 1. Vitalizes the huge non-performing assets of the bank in our country. 2. Help the state to alleviate tense fund in economic construction at present of China; 3. Have offered a new way for China's profound level utilizes the foreign capitals; 4. Help to improve managerial skill and financial situation of the Chinese state-owned enterprise; 5.Have important realistic meanings to the development of the financial circles of our country; 6.Can improve the financing channel of the local government.3.Study on pricing model of the Assets Securitization There are several main influencing factors of securitization price: 1. Interest rate; 2. Fluctuating rate of interest rate; 3.Maturity; 4. Repay ahead of time; 5. Fundamental operation condition of the capital market.4.Analysis of influence factor of Assets Securitization The main pricing model of ABS in abroad have Static Cash Flow Yield model, Option-Adjusted Spread model, Monte Carlo Simulation model, Binomial Interest Rate Tree model and Black-Scholes model.According to analysis on current situation of our country, I think Static Cash Flow model is suitable for our country most at present.3.The innovation and the idea in the paper Theory integrates with the practice. The author has listed a lot of examples to explain and analyze question. Third part of thesis investigate the capital market of our country and analyze influence factor o...
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